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A TWO tranche Euro 144A issue comprising dollar and Deutschmark components was launched this week for Derby Cycle Corp, the biggest manufacturer of bicycles in the world. Both tranches were 10 year transactions with call options in year five and annually thereafter. The $100m element pays a 10% coupon while theDM110m issue pays a 9.375% coupon to give a yield to maturity of 9.44%.

LATIN AMERICA's first equity issue of the year failed to lift the gloom this week as investors turned their noses up at the Dominican Republic telephone company's $74m offering. The Tricom deal, led by Bear Stearns, involved the issue of 5.7m ADSs, priced at $13, the bottom of its $13 to $15 filing range.

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Malta * Freeport Terminal (Malta) Ltd

INTERNATIONAL issuers this week continued to expand the range of central and eastern European currency instruments available to investors with the European Bank for Reconstruction & Development (EBRD) launching its fourth Russian rouble denominated Eurobond and Finland's Merita Bank issuing its second Latvian lats denominated offering. ING Barings and the EBRD continued their partnership in the rouble Eurobond sector with the launch of a Rb600m four year zero coupon offering. The transaction was both the first four year issue in the currency and the first to feature a zero coupon. It was priced to yield 31% on a fixed re-offer price of 33.96, equating to a pick-up of around 2,600bp over US Treasuries and 2,450bp over German Bunds. In mid-March the EBRD was the first issuer to launch an international bond denominated in roubles -- a Rb400m (increased from Rb300m) one year coupon bond -- and has since issued two and three year offerings. ING Barings has been the lead manager on each occasion.

The strategy behind Fannie Mae's benchmark note programme came into sharper focus this week as the US agency's $3bn 10 year issue coincided with the Treasury's announcement of a revamp of its debt issuance programme on the back of falling financing needs. Fannie Mae priced its deal, led by Credit Suisse First Boston, Lehman Brothers and Morgan Stanley, just as the Treasury's plans were hitting the screens on Wednesday.

THE REPUBLIC of Finland supplied the final piece of the euro-fungible jigsaw this week when it became the first Emu founder member country to launch a euro denominated transaction structured as a domestic government bond. Sweden, an opt-out in the first wave of Emu, launched a similarly structured Eu2bn bond just over two weeks ago. Launched by JP Morgan and Paribas, this week's Eu2bn transaction marks Finland's determination to increase international participation in its government bond market. Despite a long history of successful Eurobonds, international buyers are relatively rare in the Finnish domestic market.

* Crédit Commercial de France Rating: Aa3/A1

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

ALTHOUGH the weakness of the US dollar dragged the Amsterdam stockmarket downwards this week, the appetite for small to mid cap Dutch corporate stocks remains firm, encouraged by the country's imminent participation in European monetary union. Several primary and secondary deals are making their way to the market from both domestic and international lead managers. Next week, HSBC and Rabo Securities will complete the sale of stock in Prolion, the Dutch manufacturer of cattle milking machines.

GLOBAL co-ordinators Salomon Smith Barney and Türkiye Sinai Kalkinma Bankasi this week successfully completed the sale of stock in Isbank, Turkey's leading private commercial bank, reinforcing hopes of the country becoming one of the most vibrant emerging market equity plays of 1998.

GLOBAL co-ordinators Salomon Smith Barney and Türkiye Sinai Kalkinma Bankasi this week successfully completed the sale of stock in Isbank, Turkey's leading private commercial bank, reinforcing hopes of the country becoming one of the most vibrant emerging market equity plays of 1998. At $651m (including a 15% greenshoe option yet to be exercised) the transaction was the largest international sale so far from Turkey. Coming on the back of successful private sector offerings during 1997 for the Sabanci industrial holding company and Yapi ve Kredi Bankasi, the deal has revived prospects for a privatisation programme that has been stalled since 1994. It also underlines the way in which international sentiment toward Turkey has turned since the election of a coalition government in 1997. Around 55% of the shares were sold internationally, with the overseas book more than four times oversubscribed.